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Many small broker-dealers prefer to comply with one of the three exemptions from the Rule 15c3-3 requirements rather than create the operational capabilities to "fully compute" compliance with the customer reserve formula. These exemptions impose strict limits on a broker-dealers ability to handle customer funds and securities. [52]
Thus, for example, in the United States the law (in particular, the SEC's customer protection rule, Rule 15c3-3) generally requires that a broker must take steps to hold separately, in separate (segregated) accounts on the broker's books, securities it holds for its customers from securities of the broker itself.
The use of the term NRSRO began in 1975 when the SEC promulgated rules regarding bank and broker-dealer net capital requirements (17 CFR 240.15c3-1). [1] Prior to 1975, the SEC did not adopt specific standards for determining which credit rating agencies were "nationally recognized", and instead addressed the question on a case-by-case basis. [2]
This owes to changes to the net capital rule, Rule 15c3-1, that the US Securities and Exchange Commission adopted in July 2013, [4] which amended the regulatory capital requirements for US-regulated broker-dealers and required sponsored access trades to go through the sponsoring broker's pre-trade risk layer.
The uptick rule aimed to prevent short sales from causing or exacerbating market price declines. [37] In January 2005, The Securities and Exchange Commission enacted Regulation SHO to target abusive naked short selling. Regulation SHO was the SEC's first update to short selling restrictions since the uptick rule in 1938. [38] [39]
[3] One limitation on the holder's liability in the text of the FTC Holder Rule is that "recovery hereunder by the debtor shall not exceed amounts paid by the debtor hereunder". [6] In other words, the holder's liability to the debtor cannot exceed the amount of the debt actually paid by the debtor to the holder after the note was assigned.
Rule 8(b) states that the defendant's answer must admit or deny every element of the plaintiff's claim. Rule 8(c) requires that the defendant's answer must state any affirmative defenses. Rule 8(d) maintains that each allegation be "simple, concise, and direct" but allows "2 or more statements of a claim or defense alternatively or hypothetically."
Never attribute to malice that which is adequately explained by stupidity. It is a philosophical razor that suggests a way of eliminating unlikely explanations for human behavior. It is probably named after Robert J. Hanlon, who submitted the statement to Murphy's Law Book Two: More Reasons Why Things Go Wrong!